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Starboard Seeks Sale of Clearwater Amid Acquisition Offers

12/13/2025

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Summary

Story summary

Starboard has acquired nearly 5% of Clearwater Analytics and is pressing for a thorough sale process amid unsolicited offers from Thoma Bravo and Warburg Pincus.
Clearwater Analytics shifted from a high-growth software model to a riskier integration strategy after acquisitions, placing it at a critical juncture.
Three potential outcomes exist: a standalone plan, a satisfactory sale, or a quick sale to Warburg Pincus and Permira.

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Story summary

Starboard has acquired nearly 5% of Clearwater Analytics and is pressing for a thorough sale process amid unsolicited offers from Thoma Bravo and Warburg Pincus.
Clearwater Analytics shifted from a high-growth software model to a riskier integration strategy after acquisitions, placing it at a critical juncture.
Three potential outcomes exist: a standalone plan, a satisfactory sale, or a quick sale to Warburg Pincus and Permira.